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NZDUSD tests swing area ahead of 100 hour MA and trend line.

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The NZDUSD has resistance at 0.62545 to 0.62584 area ahead of trend line and 100 hour MA at 0.62658

The NZDUSD fell in trading yesterday to the lowest level since August 2015. The run lower was help by the RBNZ rate cut. The price bottom the near the 0.6200 level (at 0.6203). A lower USD helped the pair rebound later in the day.  

Today the price action has been up and down and now up again. The pair just reached a new session high at 0.6257. In doing so, the pair is testing a swing area and the 38.2% retracement of the move down from last week’s high at 0.6254 to 0.62584.  That area comes ahead of further upside resistance against its 100 hour moving average and a topside trend line at the 0.62658 area.  
For now, the swing area is providing a borderline level for traders to lean against. Stay below, and the sellers may look to take back control.  A move above and the buyers will have to work on the 100 hour moving average/trendline topside hurdle. 


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